Venture ups Cygnus, Kepler, Copernicus, Humphrey interest

Venture Production has agreed to acquire additional interests in the Cygnus, Kepler, Copernicus, and Humphrey gas discoveries together with interests in three exploration blocks.

Offshore staff

ABERDEEN, UK -- Venture Production has agreed to acquire additional interests in the Cygnus, Kepler, Copernicus, and Humphrey gas discoveries together with interests in three exploration blocks.

The four proven but undeveloped discoveries lie close to existing infrastructure in the Caister Murdoch System in the UK southern North Sea. In April 2008, Venture announced its acquisition of an initial 35% interest in each.

In this follow-on transaction, Venture will acquire an additional 13.75% non-operated interest in the acreage containing these four discoveries from E.On Ruhrgas UK
Caister. The cash consideration will be $25 million payable at completion.

As part of the same transaction, GDF Britain will acquire identical interests in the same assets and at the same consideration. GDF will remain license operator of each of the four discoveries.

10/10/2008

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